USD/CAD Price Analysis: The 1.2780's are in focus now that bulls are back in control
|- USD/CAD bulls eye the 1.2780's for the days ahead.
- The bulls are back in control within the daily sideways channel.
USD/CAD has been thrown left right and centre on the day in the aftermath of the US inflation data. In the prior day's analysis, USD/CAD Price Analysis: Bulls are moving in at critical H1 support, and
USD/CAD bulls correcting to the 38.2% Fibo, traders are in anticipation of US CPI, the price had found stability in the hourly lows but it has carved out a lower low as follows:
The spike lower would have cleared out some of the stale sell stops below the daily support which has resulted in a renewed bullish impulse on the daily chart as follows:
The buyers picked up a bargain below the lows and added length back into the structure to take out the prior hourly resistance. This has resulted in a break of daily highs with eyes on the 1.2780's and the Feb highs for the days ahead.
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